Barry Callebaut AG: Stable Net Profit in First Semester

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• Operating profit (EBIT) of CHF 104.6 million and net profit
of CHF 67.2 million at prior-year levels despite tougher business
environment
• Sales volumes down 3% to 411,826 tons due to the deliberate
reduction of sales of semi-finished products to third parties
• Lower sales revenues of CHF 1,322.3 million (-9.5%) due to
volume decrease, a negative foreign currency impact and low cocoa
prices until November 2001

Zurich/Switzerland, April 9, 2002 – Barry Callebaut AG,
the world’s leading manufacturer of high-quality cocoa and
chocolate products, continued to selectively scale back sales of
cocoa and semi-finished products to third parties during the first
half of the 2001/02 fiscal year (September 2001 to February 2002).
The company is thus making progress toward its goal of diminishing
its exposure to the price volatility prevailing in this business.
Due to this deliberate reduction as well as to flat business in the
Food Manufacturers unit and lower Vending Mix sales, sales volumes
were down 3% to 411,826 tons (prior year: 425,325 tons).

Sales revenues declined by 9.5% to CHF 1,322.3 million (prior
year: CHF 1,460.9 million), with the decline equally attributable
to lower sales volumes (-3.2%), currencies (-2.9%) and cocoa
prices, which were still low in the first semester (-3.4%). The
massive increases in cocoa prices which have occurred since
December 2001 will only be reflected in the numbers for deliveries
as of summer 2002.

Operating profit EBIT amounted to CHF 104.6 million, virtually
unchanged from the high level of CHF 104.1 million for the prior
year thanks to strict cost management and margin optimization. Net
profit was also stable at CHF 67.2 million (prior year: CHF 67.0
million). Equity increased by 8.3% from CHF 674.5 million to CHF
730.2 million.

Business performance by unit

In line with overall market growth, the Food
Manufacturers (Chocolate for industrial clients) business
unit reported a 1% increase in its sales volumes to 256,293 tons.
Sales revenues fell by 5% to CHF 725.4 million. Stringent cost
management efforts in this unit will be further intensified in the
latter half of the fiscal year.

The Food Service (Gourmet & Specialties)
business unit, which supplies specialty products to artisanal users
such as chocolate makers, pastry chefs, hotels and restaurants as
well as consumer products in certain niche markets, reported an
8.6% decline in sales volumes to 86,419 tons and a 5% decline in
sales revenues to CHF 376.5 million. Adjusted by the effects of the
sale of the Gummibear Factory as of October 1, 2000, the sales
volume decrease was 4.6% and the sales revenue decrease 1.7%. The
main reasons for the decline were production problems caused by a
supplier in the Vending Mix business, whose sales dropped by 31% to
CHF 31.7 million, and the global slump in tourism in the 4th
quarter of 2001 in the aftermath of the events of September 11.
Although the aforementioned production problems have been resolved
in the meantime, Barry Callebaut does not expect that the volume
decrease experienced in the first six months of the year will be
fully compensated for by the end of the 2001/02 fiscal year.
Excluding these extraordinary effects, the Food Service unit would
have kept its sales revenues at the prior-year level despite the
difficult market environment.

Sales to third parties in the volatile Risk Management,
Sourcing & Semi-Finished Products (Cocoa &
Sourcing) unit were deliberately scaled back by 11%. Sales
volumes amounted to 69,114 tons and sales revenues amounted to CHF
220.4 million (prior year: 77,713 tons and CHF 301.1 million sales
revenues, respectively). The business unit will continue to reduce
its business with third-party customers. This will entail
adjustments in production capacities.

Review of regional market
development

The global economic slowdown in the first semester of the
current fiscal year resulted in slack Easter sales. This, together
with the reduction in the semi-finished business, led to a decrease
in sales.

In Western Europe sales volumes dropped by 4.5%
to 256,500 tons or 62% of the Group’s sales volume of 411,826
tons. Western Europe remains Barry Callebaut’s most important
market. The factory in Drongen, Belgium, was closed as planned at
the end of 2001. Sales volumes in Eastern Europe
(4% of the total sales volume) rose by 5%.

Sales volumes in the Americas (North and Latin
America) were down by 1%. The Americas accounted for 26% of total
sales volumes, or 106,778 tons.

Volumes in Asia/Pacific fell by 8%. This
region’s share of total volumes amounted to 3%, or 13,380
tons.

Volumes in Africa and the Middle East
stagnated. This region contributed 5% or 17,988 tons to total
volumes.

Outlook

Barry Callebaut expects the subdued economic environment to
persist into the second half of the year. In view of the interim
results and expecting a similar development in the second semester,
Barry Callebaut projects full-year results to achieve prior-year
level.

Annual sales of CHF 2.5 billion in fiscal year 2000/01 make
Barry Callebaut the world’s leading manufacturer of high-quality
cocoa and chocolate products. The company processes 14% of the
global cocoa harvest, operates 24 production facilities in 17
countries and employs about 5,000 people. The company is divided
into the four strategic business areas Risk Management, Sourcing
& Semi-Finished Products (Cocoa & Sourcing), Food
Manufacturers (Chocolate for Industrial Clients), Food Service
(Gourmet & Specialties) and Consumer Products in select niches
and distribution channels.

Its clients range from industrial processors, such as the world
famous branded consumer goods manufacturers who produce chocolate,
confectionery, biscuits, dairy products, ice cream and breakfast
cereals incorporating its products, to artisanal users, including
hotels, gastronomy, chocolate makers, pastry chefs and bakers.
Barry Callebaut also provides a comprehensive range of services in
the fields of product development, processing, training and
marketing.

The holding company, Barry Callebaut AG, has been listed on the
SWX Swiss Exchange since June 1998 (ticker symbol BARN). The fully
paid-up share capital amounts to CHF 517 million, divided into
registered shares with a nominal value of CHF 100 each. On February
28, 2002, the close of the first semester of fiscal 2001/02, the
market capitalization was CH 820,737,500. Fiscal year 2001/02 will
close on August 31, 2002.